5. For which decision would marginal analysis be MOST relevant? Should George ac

Question

5. For which decision would marginal analysis be MOST relevant? Should George accept a job with Delta Airlines or with Greenpeace? O Should Mary go to graduate school after graduating from college? Should Vivek emigrate to the United States or stay in India? Should Hong work an additional hour or take a short nap? 6. Which method of encouraging recycling is likely to be MOST effective given that people usually exploit opportunities to make themselves better off? O advertising different ways of recycling imposing a tax per unit of garbage generated O publicizing the advantages of recycling appealing to consumers to be a good citizen 7. The student center on campus has burritos, bagels, or burgers for lunch, and they all cost the same. You love burgers and bagels, but you decide to have a burger today. If they were out of burgers, you would have bought a bagel. Which economic principle does this statement BEST represent? O There are gains from trade. O "How much" is a decision at the margin. The true cost of something is its opportunity cost O One person's spending is another person's income. 8. Florida schools offered cash bonuses to students who scored high on the state's standardized exams. The cash bonuses are motivated by which economic principle? O "How Much" is a decision at the margin. O The true cost of something is its opportunity cost People usually respond to incentives, exploiting opportunities to make themselves better off. O Choices are necessary because resources are scarce

Explanation / Answer

5. Marginal analysis would be most relevant for the decision Should Hong work an additional hour or take a short nap. because here in this , what additonal a person earns or loses and this is what marginal analysis implies. Hence, option(D) is correct.

6. The method of encouraging recycling imposing a tax per unit of grabage generated is likely to be most effective. Hence, option(B) is correct.

7. The economic principle of the true cost of something is its opportunity cost is best represent the situation because the person chooses the next best altervative, which represents the opportunity cost. Hence, option(C) is correct.

8. The cash bonuses are motivated by the economic principle of that People usually respond to incentives, exploiting opportunities to make themselves better off. Hence, option(C) is correct.

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